GUINEA INSURANCE : QUARTER 3 - FINANCIAL STATEMENT FOR 2022

Guinea Insurance Plc Management Accounts

30th September, 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

		JAN - SEP 2022	JAN - SEP 2021
for the period ended 30th September, 2022
In thousands of Naira	Notes	30/Sep/22	30/Sep/21
Gross premium written	1	1,046,734	1,094,311
Movement in unearned premuim	1	(6,864)	(96,387)
Gross premium income	1	1,039,870	997,925
Reinsurance expenses	2	(333,932)	(342,701)
Net premium income		705,938	655,224
Fees and commission income on reinsurance	3	82,568	46,811
Net underwriting Income		788,506	702,035
Claims expenses	4	(106,938)	(14,744)
Underwriting expenses	5	(285,624)	(274,383)
Underwriting profit		395,944	412,908
Investment Income	6	90,410	61,558
Fair value gains on investment properties	7	-	-
Other operating income/(loss)	8	30,782	51,990
Revaluation loss		-	-
Impairment (charge)/reversal	9 (a)	(0)	-
Finance cost	10	-	-
Other operating expenses	9	(626,302)	(520,374)
Profit/(Loss) before taxation		(109,165)	6,082
Income tax (expense)/credit	11	(5,234)	(912)
Profit/(Loss) after taxation		(114,399)	5,170
Other comprehensive income
Items within OCI that may be reclassified to the profit			-
or loss:
Gain/(loss) on available-for-sale financial assets	14	(288)	(612)
Related tax
Remeasurement gains on defined benefit
Items within OCI that will not be reclassified to the			-
profit or loss:
Revaluation gains on land and building	15	-	-
Total other comprehensive income		(288)	(612)
Total comprehensive profit for the year, net of tax		(114,687)	4,558
Contigency Reserve		31,402	32,829
Earnings/(Loss) per share - Basic and Diluted (kobo	13	(1.86)	0.08

STATEMENTS OF FINANCIAL POSITION
AS AT 30TH SEPTEMBER 2022
In thousands of Naira		9/30/2022	9/30/2021	12/31/2021
	Note
Assets
Cash and cash equivalents	16	404,854	466,820	383566
Financial assets:
Available-for-sale financial assets	17	288,241	262,622	288,529
Held to maturity	18	1,681,987	939,446	972,436
Trade receivables	19	0	-	-
Reinsurance assets	20	341,759	423,126	335,412
Deferred acquisition costs	21	71,195	82,269	67,557
Other receivables and prepayments	22	45,518	67,222	41,739
Investment properties	23	106,300	85,000	106,300
Intangible Asset	25	3,864	6,266	4,900
Property and equipment	26	883,272	904,467	934,001
Statutory deposit	27	333,654	333,654	333,654
Total assets		4,160,643	3,570,890	3,468,095
Liabilities
Insurance contract liabilities	28	816,730	903,520	789,448
Trade payables	29	75,016	71,091	23,410
Other payables and accruals	30	213,224	171,309	242,671
Employee benefit obligations	32	14,885	9,148	11,034
Current tax payable	24.1	24,310	30,678	20,368
Deferred tax liabilities	24.2	110,011	111,311	110,011
Deposit for shares	33	901,400	151,400	151,400
Total liabilities		2,155,576	1,448,456	1,348,342
Equity
Issued share capital	34.2	3,070,000	3,070,000	3,070,000
Share premium	35	337,545	337,545	337,545
Contingency reserve	36	623,417	584,153	592,015
Accumulated losses	37	(2,229,323)	(2,047,071)	(2,083,522)
Available-for-sale reserve and others	38	137,739	112,120	138,026
Other reserves	40	65,688	65,688	65,688
Total equity		2,005,066	2,122,434	2,119,753
Total liabilities and equity		4,160,643	3,570,890	3,468,095

These financial statements were approved by the Board of Directors on 14 September 2022 and signed on behalf of the Board of directors by:

Ademola Abidogun

Managing Director/Chief Executive Officer

FRC/2016/CIIN/00000014549

Pius Edobor

Executive Director, Finance

FRC/2013/ICAN/00000004638

	STATEMENTS OF CHANGES IN EQUITY
	for the period ended 30th September, 2022
			Issued share		Accumulated		Share		Contingency		AFS		Asset		Defined
			capital		Losses		premium		reserve		Reserves
	In thousands of Naira							revaluation		benefit		Total equity
	As at 1 January 2022		3,070,000		(2,083,522)		337,545		592,015		138,026		65,688		-		2,119,753
	Loss for the year		-		(114,399)		-		-								(114,399)
	Other comprehensive income:
	Reversal of prior year fair value loss
	Fair value changes on AFS		-				-		-		(288)				-		(288)
	Revaluation gain on PPE
	Employee defined benefit
	Income tax impact on OCI
	Total comprehensive income for the year		-		(114,399)		-		-		(288)		-		-		(114,687)
	Transactions with owners, recorded directly in equity
	Transfer to contingency reserve		-		(31,402)		-		31,402		-						-
	Reclassification						-		-						-		-
			-		(31,402)		-		31,402		-		-		-		-
	As at 30th September, 2022		3,070,000		(2,229,323)		337,545		623,417		137,739		65,688		-		2,005,066
	STATEMENTS OF CHANGES IN EQUITY
	for the period ended September, 2021
			Issued share		Accumulated		Share		Contingency		AFS		Asset		Defined
	In thousands of Naira		capital		Losses		premium		reserve		Reserves		revaluation		benefit		Total equity
	As at 1 January 2021		3,070,000		(2,019,412)		337,545		551,323		112,731		65,688		-		2,117,876
	Loss for the year		-		5,170		-		-								5,170
	Other comprehensive income:
	Reversal of prior year fair value loss
	Fair value changes on AFS		-				-		-		(612)				-		(612)
	Revaluation gain on PPE
	Employee defined benefit
	Income tax impact on OCI
	Total comprehensive income for the year		-		5,170		-		-		(612)		-		-		2,122,434
	Transactions with owners, recorded directly in equity
	Transfer to contingency reserve		-		(32,829)		-		32,829		-		-		-		-
	Reclassification						-		-						-		-
			-		(30,118)		-		30,118		-		-		-		-
	As at 30th September, 2021		3,070,000		(2,047,071)		337,545		584,153		112,120		65,688		-		2,122,434

	STATEMENT OF CASH FLOWS
	for the period ended 30th September, 2022
	In thousands of Naira		Jan - Sep 2022	Jan - Sep 2021
	Operating activities:	Note
	Premium received	45.1	1,046,734	1,094,311
	Commission received	45.2	79,122	30,445
	Commission paid	21	(172,711)	(157,837)
	Maintenance cost
	Reinsurance premium paid	45.3	(288,673)	(394,408)
	Gross claim paid	45.4	(139,010)	(227,430)
	Reinsurance recoveries	45.4	52,489	117,226
	Payments to employees	45.5	(299,860)	(229,461)
	Other operating cash payments	45.6	(375,991)	(345,124)
	Other income received	45.8	-	-
	Tax paid	24.1	(1,291)	(2,630)
	Net cash flow from operating activities		(99,190)	(114,907)
	Investing activities:
	Investment income received	45.7	90,410	61,558
	Purchase of property and equipment	26	(14,183)	(98,089)
	Proceed from sale of property and equipment		3,800	-
	Purchase/sales of financial assets		(709,551)	(53,403)
	Proceed/(purchase) of investment properties		-	-
	Net cash flows from investing activities		(629,523)	(89,934)
	Financing activities:
	Deposit for shares	33	750,000	-
	Interest repayment on finance lease		-	-
	principal repayment on finance lease		-	-
	Net cash flows from financing activities		750,000	-
	Net increase in cash and cash equivalents		21,287	(204,841)
	Effect of exchange rate changes on cash and cash
	equivalent		-
	Cash and cash equivalents at 1 January		383,566	671,661
	Cash and cash equivalents at 30th September
	2022		404,854	466,820